Dr Cosmos Maduka Names Aliko Dangote As Nigeria’s Top Debtor, Encourages Smart Use Of Credit

Renowned businessman, Dr Cosmos Maduka, has described Africa’s richest man, Aliko Dangote, as the biggest debtor in Nigeria while stressing the importance of leveraging credit wisely.

Speaking during a recent conversation, Maduka pointed out that many of the world’s wealthiest individuals and nations often carry significant debt—a reality that’s frequently misunderstood by the public.

He emphasized that borrowing is not inherently negative if managed responsibly. “The number one debtor in Nigeria is Aliko Dangote. He’s the richest man in Africa. The number one debtor in the world is the United States of America, yet they are considered the wealthiest,” he said.

Maduka explained that much of what people admire in terms of wealth and infrastructure is powered by credit. “It’s all about credit. So, you should leverage loans, but you must build a solid structure that supports your borrowing,” he advised.

However, he cautioned individuals to never borrow more than 20% of their income, stressing financial discipline and sustainability.